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Here’s what you need to know today…
Negotiations over the country’s debt are progressing positively.
Rising mortgage rates are deterring home buyers.
The housing market may turn around later this year.
The Market: ⬆️+1.2%
S&P 500: 4,158.77
1Mo: +1% | 1Yr: +6% | 5Yr: +53%
The market drifted higher today following better-than-feared corporate updates and optimism for successful debt ceiling negotiations. April-end quarterly reports from big consumer companies like TJ Maxx and Target depicted a pretty resilient shopper, despite some belt-tightening.
Rising mortgage rates are deterring home buyers. The Mortgage Bankers Association reported a 5% drop last week in new home purchase applications, now down 26% from a year ago. The average 30-year mortgage rate is down from its 7% peak but has started climbing again, now 6.6%.
There’s hope for the housing market later in the year. Construction permits for new single-family homes rose to a seven-month high in April and new home construction also gained. Yesterday, we heard homebuilder sentiment turned positive for the first time in months. Home supply is very low, so more construction could help bring prices down.
Leaders in Washington signaled progress on debt ceiling negotiations. The White House and Congress are working to agree on terms for raising the limit on the country’s borrowing. Treasury Secretary Yellen warned the country could run out of money by June 1st.
How are you feeling about the economy?
Company Scoops 🗣️🌎💰
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Microsoft makes a big bet on carbon capture [🤓]
Dollar General pressured to improve worker wages and safety
(These links only work for 24 hours while the story is live)
Inside Scoop 🤓
Carbon capture is one of the most commonly-cited solutions for reducing carbon emissions by the fossil fuel and industrial production sectors. The process entails using technology or plants to pull greenhouse gases directly from the air or water.
Many carbon capture projects focus on planting or preserving forests, mangroves, or other plants to convert carbon dioxide into oxygen from the air more broadly. Direct Carbon Capture technology sucks the greenhouse gases out of the air where the emissions are created, like at a factory or refinery.
Action Toolbox 🔨
Use our vetted resources to level up your financial wellness. View & compare more services.
Here are our top priorities for today’s challenges:
Rising Rates & More Layoffs: Make sure you have an emergency savings in cash. Use SaveBetter to make sure your savings account pays you at least 4%.
Higher Living Costs & Tighter Budgets: Make sure to avoid debt by tracking your spending, building savings, and spending carefully. We use Guac to save while spending and get cash back on 200+ brands.
Volatile Markets: Automate your investment contributions to take the emotions out of it. We use M1 to automate banking and investing in one place.
Hidden Opportunities: Down markets are a good time to hunt for bargains if you have the savings. We’ve found a lot of success from Motley Fool’s stock picks.
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